DIVERSITY & INCLUSION IN INVESTMENT MANAGEMENT WORKSHOP Dr. - - PowerPoint PPT Presentation

DIVERSITY & INCLUSION IN INVESTMENT MANAGEMENT WORKSHOP

• Dr. Kelli Palmer

Head, Global Diversity & Inclusion and Corporate Citizenship Rebecca Fender, CFA Head, Future of Finance 10 June 2019

Investment Manager, Trust Level Portfolio Management, CalPERS Past President, CFA Society Sacramento

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DIANNE SANDOVAL, CFA

Director of Investment Strategy & Risk, CalSTRS Past President, CFA Society Sacramento CFA Institute Standard of Practice Council Member

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GERALDINE JIMENEZ, CFA

AGENDA

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12:30 Welcome 12:35 Overview of the Diversity and Inclusion Guide 1:05 Best Idea for Your Firm 1:10 Discussion by Table on Ideas 1:40 Large Group Discussion 2:10 Overcoming Obstacles 2:25 Closing Comments 2:30 Workshop Ends

AGENDA

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3:00 Welcome 3:05 Overview of the Diversity and Inclusion Guide 3:35 Best Idea for Your Firm 3:40 Discussion by Table on Ideas 4:10 Large Group Discussion 4:40 Overcoming Obstacles 4:55 Closing Comments 5:00 Workshop Ends

WHY DOES THIS MATTER NOW?

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• Millennial talent
• Regulators and policymakers
• Client demand
• Society
• Teams dominate
• Awareness of biases

CHATHAM HOUSE RULE

Participants are free to use the information received, but neither the identity nor the affiliation of the speaker(s), nor that of any

• ther participant, may be revealed

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METHODOLOGY

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6 workshops 344 participants 99 firms $38 trillion AUM

https://interactive.cfainstitute.org/DrivingChange

DIVERSITY & INCLUSION STEERING COMMITTEE: 2019-2020

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Chris Ailman, CFP Chief Investment Officer CalSTRS Orim Graves, CFA Executive Director National Assoc. of Securities Professionals Frank Dobbin, PhD Chair, Organizational Behavior Harvard University Janet Cowell Chief Executive Officer Girls Who Invest John Adler Chief Pension Investment Advisor NYC Mayor’s Office Beth Bonacquist Chief Administrative Officer NYSTRS Erik Davidson, CFA Chief Investment Officer & EVP Wells Fargo Private Bank Lori Heinel, CFA Deputy Global Chief Investment Officer State Street Global Advisors Kim Y. Lew, CFA Vice President, Chief Investment Officer Carnegie Corporation Wylie Tollette, CFA EVP, Client Portfolio Solutions Franklin Templeton Michael Trotsky, CFA Executive Director and Chief Investment Officer Massachusetts PRIM Amy McGarrity, CFA Chief Investment Officer Colorado PERA Daniel Miller Deputy Executive Director NYC Board of Education Retirement System Oona Stock EVP Talent & Performance Caisse de dépôt et placement du Québec Beth Tyndall, CHRL Chief People Officer Ontario Teachers’ Pension Fund

Diversity definition

The variety of differences and similarities/ dimensions among people, such as:

Age Belief system Class/caste Culture Disability Education Ethnicity Gender Gender identity Parental status Personality type Race Religion Sexual orientation Thinking style Work experience Work style Generation Geography Job role and function Language Marital status Mental health Nationality Native or indigenous

• rigins

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Inclusion definition

A dynamic state of operating in which diversity is leveraged to create a

• fair,
• healthy, and
• high performing organization or community.

An inclusive environment ensures equitable access to resources and

• pportunities for all.

It also enables individuals and groups to feel safe, respected, engaged, motivated, and valued for who they are and for their contributions toward

• rganizational societal goals.

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Diversity is being invited to the party; inclusion is being asked to dance.

Verna Myers

VP, Inclusion Strategy, Netflix Author of “Moving Diversity Forward: How to Go From Well-Meaning to Well-Doing and What If I Say the Wrong Thing?”

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20 RECOMMENDED ACTIONS

• 1. Define diversity
• 2. Intersectionality
• 3. Culture vs. policy
• 4. Biases
• 5. Storytelling
• 6. Data
• 7. Communication
• 8. Candidate slates
• 9. Know your candidate

10.Interviewers 11.Returnship 12.Mentors and sponsors 13.“Cultural taxation” 14.Internal networks 15.Retention 16.“Always on” recruiting 17.Compensation 18.Outreach 19.Open dialogue 20.Business diversity

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RECOMMENDED ACTIONS

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RECOMMENDED ACTIONS

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RECOMMENDED ACTIONS

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RECOMMENDED ACTIONS

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BEST IDEA FOR YOUR FIRM: BRAINSTORMING ACTION PLANS

• 1. Review the item(s) from the list of 20 ideas that you selected as

relevant for your firm.

• 2. Brainstorm for as many implementation ideas as possible in the three

columns on your sheet.

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WHAT HAS BEEN TRIED WHAT SHOULD BE TRIED POSSIBLE OBSTACLES

TABLE DISCUSSIONS

Go to the table where you have interest Table 1: Foundational Concepts

• Define diversity (1)
• Intersectionality (2)
• Biases (4)

Table 2: Communication

• Storytelling (5)
• Communication (7)
• Open dialogue (19)

Table 3: Networks

• Culture vs. Policy (3)
• Internal Networks (14)
• Cultural Taxation (13)

Table 4: Measurement and Accountability

• Data (6)
• Compensation (17)
• Business diversity (20)

Table 5: Talent Acquisition

• Candidate slates (8)
• Know your candidate (9)
• Interviewers (10)
• “Always on” recruiting (16)
• Outreach (18)

Table 6: Talent Development

• Returnship (11)
• Mentors and Sponsors (12)
• Retention (15)

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TABLE DISCUSSION INSTRUCTIONS

• 1. Each person shares their favorite ideas with the table.
• 2. You will have 25 minutes for discussion.
• 3. Each table will share one of their best ideas with the large group.

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OVERCOMING OBSTACLES │ CIALDINI'S 6 PRINCIPLES OF PERSUASION

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Source: influenceatwork.com/principles-of-persuasion/

when given a gift│behavior│service people feel obligated to give back people tend to follow the lead of experts and knowledgeable leaders people prefer to say yes to those that they like less availability can inspire more demand people like to be consistent with things that they have previously said│done when uncertain, people look to the actions│behaviors of others to guide their own

PRACTICE WITH A PARTNER (OR 2)

• 1. Take a couple moments to think about what principles can be used to sell your idea.
• 2. You will have 7 minutes for discussion and practice in pairs/trios. Note feedback!
• 3. After the session, refine a plan for communicating about your idea.

Commit in writing (through a note on your calendar) to move your idea forward when you return to the office. Don’t let perfection be the enemy of progress. -Unknown Just do it! -Nike

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SPECIAL THANK YOU

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Chris Ailman, CFP Chief Investment Officer CalSTRS Aeisha Mastagni Portfolio Manager CalSTRS Geraldine Jimenez, CFA Director of Investment Strategy & Risk CalSTRS Carrie Douglas-Fong Associate Investment Manager CalPERS Dianne Sandoval, CFA Investment Manager, Trust Level Portfolio Management CalPERS

PUTTING IDEAS INTO ACTION: EXPERIMENTAL PARTNERS

An opportunity for firms to implement the actions, report back on their effectiveness, and contribute to an updated version in the next two years. Commitments from firms:

• 1. Contact CFA Institute to express interest at diversity@cfainstitute.org.
• 2. Kickoff call with CFA Institute to answer questions.
• 3. Complete quarterly updates through December 2020. These can be accomplished

through 30-minute calls CFA Institute can schedule or through forms. More details on the website: https://interactive.cfainstitute.org/DrivingChange.

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WOMEN IN INVESTMENT MANAGEMENT

OPENING DOORS

18–19 September 2019 Montréal QC, Canada Register today at diversity.cfainstitute.org

Hosted with CFA Montréal Sponsored by the CFA Institute Women in Investment Management Initiative

Investment Director, CalPERS

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CHRISTINE GOGAN